Gebroe-Hammer Associates
2 West Northfield Road
Livingston, NJ 07039

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Release Date: Wednesday, October 31, 2007

PHILADELPHIA REGENCY APARTMENTS SELLS FOR $20.5 MILLION
North Philadelphia High-Rise Trades For Record Price-Per Unit

PHILADELPHIA, Pa., October 31, 2007 – Gebroe-Hammer Associates brokered the sale of Philadelphia Regency Apartments, a 300-unit, 15-story high-rise apartment building in North Philadelphia. The $20.5 million dollar sale includes a record per-unit price for that market, reflecting the local renaissance. In recent years, Gebroe-Hammer Associates has become one of the Philadelphia region’s most active investment brokerage firms.

Gebroe-Hammer Assistant Vice President Eli Rosen and Senior Vice President Joseph Brecher represented the seller, David Goldstein, a Philadelphia-based investor. Philadelphia Regency was the final property in David Goldstein’s area portfolio, the entirety of which was sold in deals brokered by Gebroe-Hammer. Goldstein was represented by Paul Cohen, Esq. of Cohen and Woolworth of Philadelphia, Pa.

Rosen procured the buyer, a local investment group that had previously focused on smaller investment properties in Philadelphia. The buyer plans to renovate the complex and re-purpose it as high-end housing for Temple University students.

“Thanks to the expansion of Center City and the Temple student body’s desire for quality housing, this part of the city has been experiencing a significant turnaround,” Rosen said. “The property’s size and location, less than a mile from both the University and Center City, made it a strong investment for the buyer, who acquired the property at a record per-unit price of just under $70,000.”

Philadelphia Regency is located at 1220 N. Broad Street, placing it on one of the city’s most significant thoroughfares, which cuts through the heart of both North Philadelphia and Center City. SEPTA system transportation is located near the property.

“High occupancy rates and new developments have increased investor confidence in North Philadelphia,” said Ken Uranowitz, managing director of Gebroe-Hammer. “Temple University has been encouraging investment in multi-family real estate, and the market has responded.”

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An industry leader for more than three decades, Gebroe-Hammer is among the tri-state region's most influential brokerage firms, specializing in the sale of multi-family, retail and commercial investment properties. The company provides innovative brokerage services to a wide range of private owners, REITS, private equity firms and other institutional investors. Gebroe-Hammer’s proven track record on behalf of its clients has resulted in consistent growth every year since its inception, with a large percentage of repeat business from owners and investors. The firm’s brokerage activity encompasses diverse property categories, ranging from suburban high-rise, mid-rise and garden-apartments to retail and office properties including real estate in urban areas undergoing revitalization and redevelopment initiatives. The company’s prime geographic area of focus includes New Jersey, Pennsylvania and New York, with additional transactions nationwide as well as representation of owners located around the globe.

Gebroe-Hammer Associates
2 West Northfield Road, Suite 301
Livingston, NJ 07039
Phone: 973-994-4500
Fax: 973-994-9752